Oil Futures Settle With Sharp Losses After Inventories Jump

NEW YORK )--Oil futures plunged Wednesday, ending sharply lower after U.S. crude-oil inventories jumped sharply in the week ended April 3. Nymex West Texas Intermediate crude for May delivery dropped $3.56, or 6.6%, to settle at $50.42 a barrel. The U.S. Energy Information Administration said commercial crude inventories rose by 10.9 million barrels, far exceeding the 3.2 million barrel rise forecast by analysts. Crude was also pressured after Saudi Arabia reported record crude output in March.